Security Bank Q1 net income grows 17%

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Security Bank Corp. reported a 17 percent year-on-year rise in net income for the first quarter of the year on the back of an increase in loans and investment     securities.

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In a disclosure to the Philippine Stock Exchange on Tuesday, Security Bank said its net income for the period rose to P1.43 billion.

“Our core businesses continue to grow alongside the healthy economy. Our net margin has improved and our asset quality remains superior. There is healthy demand for the bank’s services across all our customer segments,” Security Bank President and Chief Executive Officer Alberto Villarosa said.

Net interest income surged 42 percent to P2.8 billion, which was anchored on the expansion in loans and investment securities     from a year earlier, the disclosure said.

The bank reported its net interest margin improved to 3.54 percent, up from 3.33 percent in the fourth quarter of 2013 and slightly up     from the 3.49 percent average in 2013.

Non-interest income contributed P790 million.

Fees and commissions were at P361 million. The bank only gave a quarter-on-quarter comparison, saying fees and commission were up 11 percent. Trading gains stood at P320 million.

Security Bank’s total operating income expanded 17 percent year-on-year while operating costs (excluding provisions for credit losses and impairments), grew 4.1 percent.

Pre-provision-and-impairment income was at P1.84 billion, reflecting a 32 percent year-on-year increase. The bank also said it made P133 million in credit provisions.

The bank’s nonperforming loan (NPL) ratio was at 0.06 percent while NPL reserve cover was at 198 percent in the first quarter.

Security Bank’s total resources jumped 46 percent year-on-year to P377 billion, as of end-March. Loans grew 39 percent while deposits increased by 49 percent.

The loan-to-deposit ratio stood at 78.8 percent. The investment securities portfolio soared by 132 percent year-on-year and 57 percent quarter-on-quarter.

The bank’s return on shareholders’ equity was recorded at 13.8 percent and the return on assets     was at 1.6 percent during the period.

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